PSX market continued the downtrend following the slippage in PKR parity with USD today

· Market continued the downtrend following the slippage in PKR parity with USD that deteriorated further to touch 169.70 in interbank and crossed 170 in open market. Unabated foreign selling coincided with local mutual funds disposing positions on the pretext of redemptions. Cement, E&P, O&GMCs, Refinery sectors bore the brunt of persistent selling. Limited buying interest was observed in Technology stocks which came down in the past couple of sessions. The index lost a total of 386pts and closed -175pts (unadjusted). Among scrips, TPL led the volumes table with 29.6M shares, followed by TELE (28.1M) and BYCO (23.2M).

· The Index closed at 46,717pts as against 46,891pts showing a decline of 175pts (-0.4% DoD). Sectors contributing to the performance include Cement (-83pts), Textile (-22pts), Pharma (-21pts), E&P (-20pts) and Banks (+45pts).

· Volumes declined from 479.8mn shares to 332.8mn shares (-31% DoD). Average traded value also dropped by 24% to reach US$ 67.6mn as against US$ 88.9mn.

· Stocks that contributed significantly to the volumes include TPL, TELE, BYCO, SERFR and WTL, which formed 36% of total volumes.

· Stocks that contributed positively to the index include UBL (+30pts), TRG (+22pts), FFBL (+15pts), BAHL (+15pts) and FABL (+12pts). Stocks that contributed negatively include MLCF (-21pts), HMB (-18pts), SYS (-17pts), AGP (-17pts) and MEBL (-16pts).

Courtesy – AHL

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